Freddie Mac Settles FEC Probe With Record Fine

The Washington Post reports:

Freddie Mac will pay a record $3.8 million fine to settle civil charges that it violated federal election law by using corporate resources to raise $1.7 million at political fundraisers, most of them for Republican members of Congress and many involving House Financial Services Committee Chairman Michael G. Oxley (R-Ohio).

The agreement with the Federal Election Commission also settles allegations that the company violated election law by contributing $150,000 to the Republican Governors Association in 2002.


The settlement, which Freddie Mac agreed to without admitting or denying it broke the law, stems from an orchestrated effort by the McLean-based mortgage company to court key lawmakers through lavish dinners and other events, the settlement shows. Organized by then-Freddie Mac chief lobbyist Mitchell Delk, the effort pumped money into the campaigns of more than 50 politicians who had direct oversight of the government-chartered company or were considered supportive of it.

This is rather dangerous sleaze.We'll bet that the Democratic Party doesn't make a big issue of this sleazy Republican connection.Freddie Mac wants favors from Congressmen so housing prices can become even more unaffordable through artificial leverage.No word yet on the New York Times reporting on this day after day.It will be interesting to see if Josh Marshall,Kos,and Duncan Black blog on this one.